Your real estate terms

Welcome to the Mesa real estate and homes for sale real estate and mortgage glossary for Phoenix, Tempe, Chandler, Scottsdale, Mesa, Casa Grande and Maricopa County, AZ areas. Understanding real estate terminology can be of great assistance in buying or selling a home, commercial property, or investment property. In order to help you understand words commonly used in a real estate transaction, I have prepared a list of real estate terms you should become familiar with. Thanks again and be sure to contact me for any of your Phoenix real estate needs or real estate needs for Tempe, Chandler, Scottsdale, Mesa, Casa Grande here in Maricopa County, AZ.

Terms:

Interest RateThe monthly effective rate paid (or received if you are a creditor) on borrowed money. Expressed as a percentage of the sum borrowed.

MLS- IDXIDX, or broker reciprocity, is a listing sharing arrangement between brokers within a Mulitple Listing Service.

Market ValueAn asset's market value is the price it would fetch in the market, if it were sold in the current marketplace.

Title InsuranceA type of insurance which guarantees the ownership and quality of title to land.

AppraisalAn educated estimate of the value of a property on a certain date given by a person, usually after an inspection of the property.

As isImplied in most Agreements of Purchase and Sale, suggests the buyer is accepting the property in it present state and relinquishes and responsibility from the buyer.

Bankruptcya) A person who has done any of the acts that by law entitle his creditors to have his estate administered for their benefit; b) a person judicially declared subject to having his estate administered under the bankrupt laws for the benefit of his creditors; c) a person who becomes insolvent.

BidTo offer (a price) whether for payment or acceptance.

Property TaxA tax levied on real or personal property

Interest RateThe percentage usually on an annual basis that is paid for the use of money borrowed from another

Home Loana) Money lent at interest; b) something lent usually for the borrower's temporary use.

Credit RiskAn estimate of the amount of credit that can be extended to a company or person without undue risk.

Credit UnionA cooperative organization that makes loans to its members at low interest rates.

Prime RateThe lowest rate of interest on bank loans at a given time and place, offered to preferred borrowers.

ARM A mortgage whose interest rate is raised or lowered at periodic intervals according to the prevailing interest rates in the market.

Home Equity LoanA loan or credit line that is secured by the equity the borrower has in a home.

MortgageA temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt.

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